Comptroller: Concerns Over Scottrade Center Funding
Date Posted: January 10, 2017
Posted In: Projects,
From St. Louis Business Journal: St. Louis Comptroller Darlene Green is raising concerns about a proposal from the St. Louis Blues and Mayor Francis Slay’s office to use city money for upgrades at Scottrade Center.
The Blues, along with Slay and Board of Aldermen President Lewis Reed, unveiled a multimillion-dollar public spending plan for Scottrade Center upgrades earlier this week. Under the plan, the city would issue bonds, which would be paid back over 28 years using revenue from a Community Improvement District and taxes generated at the arena site. The city will pay $4 million annually until 2048, or about $112 million in all.
In a letter sent to staff on Thursday, Green said she was ready to support economic incentives for upgrades to the Scottrade Center but that using “current budget revenues reduces available funding for public safety and delivery of essential city services.”
Green said development tools like a community improvement district, transportation development district and other tools would be more appropriate.
Blues ownership said the team would invest $50 million in cash in the project over the life of the bonds.